(1) All the assessees who are liable to pay advance tax, other than the assessee referred to in sub-section (2), shall pay the same on the current income calculated in the manner laid down in section 405 in four instalments during each tax year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below
| Sl. No. | Due Date of Instalment | Amount Payable |
| 1 | On or before 15th June | Not less than 15% of the advance tax. |
| 2 | On or before 15th September | Not less than 45% of the advance tax, reduced by any amount paid in the earlier instalment. |
| 3 | On or before 15th December | Not less than 75% of the advance tax, reduced by any amounts paid in the earlier instalments. |
| 4 | On or before 15th March | The entire advance tax, reduced by any amounts paid in the earlier instalments. |
(2) An assessee, who declares profits and gains as per the provisions of section 58(2) (Table: Sl. No. 1 or 3), shall pay the whole amount of advance tax on the current income, calculated in the manner laid down in section 405 during each tax
year, on or before the 15th March.
(3) Any amount paid by way of advance tax on or before the 31st March, shall be treated as advance tax paid during the tax year ending on that day for all the purposes of this Act.